Term and Condition Precedent Clause Samples
A Term and Condition Precedent clause defines specific requirements or events that must be fulfilled before a contract or certain contractual obligations become effective. In practice, this might include obtaining regulatory approvals, securing financing, or the completion of due diligence before parties are bound to perform. The core function of this clause is to protect parties by ensuring that key prerequisites are satisfied before they are legally obligated, thereby reducing risk and uncertainty in contractual relationships.
Term and Condition Precedent. (a) Subject to clause 16(b), this Agreement shall be effective upon execution by all Parties and shall continue, unless sooner terminated by the express provisions of this Agreement, until all of the Nation Blocks are covered by Production Licences or until Nation withdraws from the Agreement under clause 10.
(b) Any provision of this Agreement that would (but for this clause) effect an acquisition of an interest in Australian urban land (within the meaning of the Foreign Acquisitions and Takeovers A▇▇ ▇▇▇▇ (Cth) (FATA)) is subject to and conditional upon the person making the acquisition not having received any order or notice under the FATA prohibiting the person from making the acquisition or making the acquisition subject to conditions which are unacceptable to the person.
(c) Nation may apply to the relevant Minister after December 31, 2015 pursuant to section 96(3) of the Petroleum Act for approval of this agreement for the purposes of having an entry made in the register in accordance with section 96(7) of the Petroleum Act. Paltar shall take such steps as necessary or reasonably requested by Nation in order to achieve the approval and entry in the register in accordance with this clause.
Term and Condition Precedent. 2.1 Unless sooner terminated in accordance with this Agreement and save for the Surviving Provisions, this Agreement shall take effect on the Effective Date and shall continue in force for a period which expires five years after the Effective Date (the “Term”). All Clauses of this Agreement (including the Schedules) so intended to survive after the termination or expiration of this Agreement shall survive such termination or expiration, including Clauses 1, 4 (save for Clause 4.1.2), 11.3, 11.4, 12, 20, 21, 22, 24, 25.5, 25.6, 25.7, 25.8 and 25.9 (collectively, the “Surviving Provisions”).
Term and Condition Precedent. The Option granted pursuant to Section 1 of this Agreement shall become exercisable as follows: Purchaser shall have the right to purchase one (1) Option Share upon Seller selling each five (5) shares as part of the first 1,000,000 shares of the Company's private offering. The Option granted hereunder should expire on September 1, 2002 (the "Expiration Date"); under no circumstances shall the Option be exercisable after the Expiration Date.
Term and Condition Precedent. 6.1. The term of the CONCESSION will be 30 (thirty) years and begins with the START ORDER, which will be issued by ARSESP, after the CONDITIONS PRECEDENT established in this Clause have been met, without prejudice to the other provisions established in the EXHIBITS.
6.2. The CONDITIONS PRECEDENT shall be complied with by the PARTIES within 45 (forty-five) days from the DATE OF EXECUTION OF THE AGREEMENT.
6.3. The CONDITIONS PRECEDENT are:
6.3.1. By the CONCESSIONAIRE:
6.3.1.1. Hiring of the INDEPENDENT CERTIFIER, in accordance with Clause 10 of this AGREEMENT and EXHIBIT H – GUIDELINES FOR INDEPENDENT VERIFIER AND INDEPENDENT CERTIFIER;
6.3.1.2. Presentation, to the GRANTING AUTHORITY, of the INSURANCE PLAN; and
6.3.1.3. Presentation, to ARSESP and the GRANTING AUTHORITY, of the EXPROPRIATION AND RESETTLEMENT ACTION PLAN, in accordance with the guidelines established in EXHIBIT Q – GENERAL RULES FOR EXPROPRIATION AND RESETTLEMENT.
6.3.2. By the GRANTING AUTHORITY:
6.3.2.1. Provision to the CONCESSIONAIRE of possession of the GROUP A LANDS, as stated in EXHIBIT D – LAND LIST, in the conditions in which they currently are;
6.3.2.2. If not complied with as provided in Decree No. 68,410, of March 27, 2024, the publication in the Official Gazette of the State of São Paulo of the DECLARATIONS OF PUBLIC UTILITY – DUP of the GROUP B LANDS and GROUP C LANDS listed in EXHIBIT D – LAND LIST;
6.3.2.3. Regulation and establishment, by the GRANTING AUTHORITY, of the PASSAGE GUARANTEE ACCOUNT, as per Clause 40.2.
6.4. Compliance with the CONDITIONS PRECEDENT shall be formalized between ARSESP and the CONCESSIONAIRE, prior to the issuance of the START ORDER, by means of a document signed by both PARTIES, which shall contain the date and description of the form of compliance with each of the conditions referred to in the Clause 6.3.
6.5. The CONCESSION TERM may be extended, exceptionally, at the sole discretion of the GRANTING AUTHORITY, in the following cases:
6.5.1. To restore the economic-financial balance of the AGREEMENT;
6.5.2. To ensure the continuity of the provision of SERVICES, provided that the economic and financial balance of the AGREEMENT is preserved, in cases where, prior to the end of the CONCESSION TERM, a new TENDER process for the CONCESSION of SERVICES is not completed, pursuant to article 16 of State Law No. 16,933/2019; or
6.5.3. To include investments not provided for in the AGREEMENT and its EXHIBITS, pursuant to articles 4 and following of State L...
Term and Condition Precedent. Your employment under this Agreement shall commence as of January 7, 2005 (“Start Date”) and continue until March 31, 2005 (the “Separation Date”), at which time your employment by the Company shall terminate. This Agreement shall not become effective unless and until you have executed and delivered to the Company the release attached hereto as Exhibit A.
Term and Condition Precedent